Self-Assessment Tax Returns need to be filed and any tax liability paid, before 31st January following
the end of the tax year (5th April)

E.g. For tax year ending 5th April 2021, the return and tax liability needs paid before 31st January 2022

Your Self-Assessment return should include all income and gains which arose in the tax year, as well as all of the reliefs and allowances to which you are entitled for that year.

This includes Covid-19 grants such as the Self Employed Income Support Scheme (SEISS) and Covid Job Retention Scheme (CJRS - Furlough Scheme).

The fines for a late Self-Assessment can end up quite steep which is why we always recommend filing your return as early as possible.

The fines include

• £100 fine for 1 day to 3 months late
• £10 per day fine (up to £900) for each day over 3 months late
• 5% of tax due or £300 for being 6 - 9 months late
• 5% of tax due or £300 for being 9 - 12 months late

E.g. Assuming your tax liability was Nil but you filed your return 12 months late, you would have at least £1,600 to pay to HMRC in fines as you would be hit with all of the fines above.

If you are UK resident and have sold a residential property, then usually, your gain must be reported online and any capital gains tax paid within 60 days of completion.

The main exception to the rule is when

1. Your total capital gains do not exceed the Annual Exemption (£12,300 for 2021/22) ;And
2. Your share of the total proceeds on the sale does not exceed four times the Annual Exemption (£49,200 for 2021/22)

If you meet both of the criteria above then the gain is not reportable within 30 days.